New Delhi, March 30 (PTI): Realty firm Unitech has moved a district court in Gurgaon seeking an injunction against its Norwegian partner Telenor's plan to transfer joint venture Uninor's assets to a new entity.
The petition filed under Section 9 of the Arbitration and Conciliation Act also seeks to restrain Telenor's possible entry into the telecom business in direct competition with Uninor.
"We confirm that Unitech has moved an arbitration application... restraining Telenor from participating in any manner or being financially interested in any other project which competes with the business of Uninor," Unitech said.
"Unitech has further sought injunction against the transfer of business (of Uninor) by Telenor to a new entity," it added.
Unitech, which holds 32.75 per cent in Uninor, prayed for restraining Telenor from "acting in contravention" of the shareholders' agreement.
Telenor holds 67.25 per cent stake in Uninor, whose telecom licences were among the 122 cancelled by the Supreme Court last month.
Following the cancellation, Telenor accused Unitech of breach of warranties and sought damages.
The estranged partners have already moved the Company Law Board seeking the resolution of pending issues.
Telenor has also sought the Foreign Investment Promotion Board's approval to bring in a new partner for the telecom business. It plans to bid for 2G spectrum with a new domestic partner when the government starts its auction.
No comments could immediately be obtained from Telenor on the development.
In the petition, Unitech cited its shareholders' agreement with Telenor to say that both companies had agreed "not (to) directly or indirectly commence any business in India which competed either directly or indirectly with the business of the licensee companies".
It seeks to restrain Telenor from entering into a joint venture with any other partner in India by invoking the non-compete clause.
